11 Hours of 2023 New York MLO Continuing Education

The New York State Department of Financial Services (DFS) requires New York mortgage licensees to complete a total of 11 continuing education hours each year: 3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional mortgages, 1 hour of general elective, and 3 hours of New York specific education. This three-hour online course meets the New York state-specific mortgage licensee continuing education requirements for annual license renewal.

This course begins with an explanation of mortgage lending consumer protection in regards to high-cost home loans, subprime loans, fair lending, and home equity theft prevention. The second module of this course identifies and lists the various disclosures that will educate consumers on areas such as advertising home loan products, loan commitment, secondary mortgages, and late fees. The third and last module will review prohibited conduct.

Topics and Learning Objectives

This course is broken down into several learning topics. At the end of the course a 25-question final exam will be given. The topics included in this course are:

1. Module 1: Mortgage Lending Consumer Protections

2. Module 2: New York State Mortgage Disclosures

3. Module 3: MLO Authority and Prohibited Conduct

4. Final exam

Total study time: 3 credit hours (150 minutes)

This course will prepare New York DFS-licensed MLOs to:

• Generalize what defines a loan as a high-cost home loan and the extra requirements that must be complied with when originating these types of loans.
• Identify the criteria that makes a loan categorized as a subprime loan.
• Review New York's fair lending regulations and the steps the Superintendent takes when investigating a fair lending complaint.
• List the protections given to consumers who are working with a distressed property consultant or equity purchaser.
• Summaries the various disclosures that must be given to consumers relating to applications, advertisements, loan commitments, prevailing rates, hazard insurance, agency, lock-in agreements, junior liens, and alternative mortgage loans.
• Give examples of events that require a crime report to be filed with the Superintendent.
• Review the licensing requirements for New York MLOs as well as prohibited conduct.
• Describe the recordkeeping and reporting requirements for licensee.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS
• Click on the Composite View tab.
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center

​​​​​​​This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

Topics and Learning Objectives

This course consists of four sections and a final exam

1. Top 10 Federal Topics for 2023

2. Ethical Treatment of Consumers

3. The VA Home Loan Program

4. Fair Housing in Today's Market

5. Final exam

Total study time: 8 credit hours (6 hours, 40 minutes)

Module 1: Top 10 Federal Topics for 2023

Study Time: 3 clock hours (150 minutes of federal law)

Fair lending along with compliance to the law, established rules, and implemented regulations is everyone’s responsibility. When compliance failures occur, everyone, including the customer, loses.

The topics outlined in this module are mandated by the NMLS and state regulators, covering the more egregious regulatory compliance failures recently discovered through various regulatory examinations, investigations, and audits.

Module 2: Ethical Treatment of Consumers

Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)

The ethical treatment of consumers and ethical practices in mortgage lending are a high focus of regulators and consumer advocacy groups. This module will cover ethics, including identity theft prevention, fraud prevention, and consumer protection requirements.

Module 3: The VA Home Loan Program

Study Time: 2 clock hours (100 minutes of non-traditional mortgage)

The objective of the Veterans Administration (VA) mortgage loan program is to provide long-term financing to eligible American military veterans and their surviving spouses, helping veterans purchase properties with no down payment. The program allows eligible veterans to buy, build, repair, retain, or adapt a home for personal occupancy as well as refinance an existing mortgage loan.

Module 4: Fair Housing in Today's Market

Study Time: 1 clock hour (50 minutes of elective topics)

All mortgage lenders and originators, and all others involved in mortgage lending, are subject to state and federal fair lending laws. To remain in compliance, everyone in the lending industry should fully understand these laws.

In this module, we will cover fair housing laws designed to protect consumers, your company, and yourself from discriminatory lending practices. Specifically, we are going to explore relevant provisions of fair housing and take a look at a few issues found in fair housing Law.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS
• Click on the Composite View tab.
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center